Part $2(20$ Points$)$

Below is the trial balance data for Poland and Slovenia on December $31,2023.$ In addition, Poland

owes Slovenia an Accounts Payable of $$25,000$ and Slovenia owes Poland an Accounts Payable of

$$45,000.$

Debits:

Credits:

Required:

A$.$ Prepare the journal entries Poland made during $2023$ related to its investment in Slovenia.

B$.$ Prepare the consolidation$/$eliminating entries needed to consolidate the two companies at the end

of $2023.$

C$.$ Prepare the consolidation working paper for December $31,2023.$ Put required CEs$/$EEs in their

proper columns. Use a coding system. Use Figure $3-3$ on page $110$ as a general guide for the format.

MUST use a $6$ column format as presented in Figure $3-3.$ Remember to do the format requirements

in the syllabus, such as Dates, Company name $($i$.$e$.,$ parent identified$),$ Name of statement, Dollar

Signs, Commas, and Underlines.

CHECK FIGURES:

Consolidated Assets $=$$$3,040,000$

NCI in Net Income of Slovenia $=$$$30,000$

NCI in Net Assets of Slovenia $=$$$140,000$